FSS has over 27 years of school data
We are proud of our 27 year history of operating the Financial Survey for Schools (FSS) which is now ready to receive your 2021 school-year data. Thank you to the almost 700 schools that participate each year.
Here’s a link to the survey: https://somersetedu.com/isfps/survey.asp
FSS continues to help business managers and finance committees to govern with confidence
Annual participation in the FSS helps business managers and finance committees simply and factually present their school’s trend and comparative financial health to the board and principal by using ratio analysis to identify changes in past and future performance/risks (Historical Report and SKI Report) plus identifying possible improvements in financial sustainability if required (Comparative Survey Report).
Although we cannot promise changes in performance, schools that participate annually in the FSS and use the reports in the financial governance of their schools often show improved and/or maintain sound operating surpluses, working capital (cash reserves) and debt servicing.
Many schools complete the Financial Survey for Schools at the same time as completing the Commonwealth Financial Questionnaire (FQ) which became available last week. The FSS data entry is in line with the FQ so it is easy to complete and a great double check of your FQ submission including a Myschool estimator.
Your data entry deadlines and participation packages
Please aim to complete data entry by 31 July 2022 so that you and others can generate reports from 1 August 2022 to inform strategic discussion and the 2023 school budgeting process in a timely way.
The discounted package price for the Survey Report (compare with peers), Historical Report (your trends 2016 to 2021) and SKI Report (your future trends to 2026) is $1,650 including GST ($825 for schools with less than 200 enrolments). Otherwise single report participation starts from $748 including GST ($374 for schools with less than 200 enrolments).
We ensure your school data is confidential
FSS participant names and data are held in confidence by Somerset Education which we know is important to you. Reports are generated in a format which respects that confidentiality.
Ongoing support
Also annual participation means I am only a phone call away to discuss your school’s performance with you, in an informed and efficient way.
Any questions?
If you have any questions in relation to the survey please contact Cathryn, our survey administrator at survey@somerseteducation.net or telephone 1300 781 968 (from outside Australia +61 7 3263 5300). To assist you with accessing the Portal, here are the step-by-step instructions: Navigating the Somerset Education Portal.
If I can help in any way with the financial governance of your school, please contact me at john@somerseteducation.net or mobile 0417 618 899.
We look forward to your ongoing support, or if new to the survey, we warmly welcome you joining in.
Kindest regards
John Somerset and the Survey Team
John Somerset is a Chartered Accountant. He has extensive knowledge of the independent school sector and is past President of Independent Schools Queensland and a past board member of the Independent Schools Australia.